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The Forum > General Discussion > Superannuation Succession

Superannuation Succession

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I was listening to the early morning talkback ( Regional Wide Bay/Burnett ABC ) show on Tuesday last and a guy rang in saying that he was recently told that an aquaintance of his had been told that if he ( and everyone else entitled/contributing ) did NOT sign a certain form at the time of drawing up his will or thereafter, subsequently upon his death, his Superannuation entitlement or any part thereof would NOT be paid to his spouse!

This guy sounded very agitated and asked if the presenter could warn all listeners/contributors of this very serioyus annomaly in the system.

The presenter suggested that maybe his show could arrange a discussion night and hopefully someone would be able to advise listeners appropriately ( or words to that effect.....bearing in mind that it was the early hours of the morning and my brain was somewhat fuzzy !)

Is there anyone out there who is aware of this problem and does it actually exist and is this just another case of "it is up to you yourself to find out?"
Posted by Cuphandle, Friday, 13 June 2008 3:52:03 PM
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I am an ABC fan I heard the story, and in my job take super people into the lunch rooms to talk to members.
First yes it exists,that form but as my will changes my form says pay as per my Wil, remember I filled in the form.
Why take the risk? but it seems untrue to me some salesmen are not honest.
Posted by Belly, Friday, 13 June 2008 4:28:24 PM
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Belly:
Could you tell me exactly what the name, title or description of the subject form is?

The guy that I referred to on the "talkback" show stated a particular named form, but for the life of me I simply cannot remember what it was called ( I know it was NOT simply a Will Form !)

What really worries me is that if this form affects one guy, then it probably affects everyone who has involvement in a Superannuation Scheme, consequently everyone should be made aware of the existing condition that could put the succession rights of their particular Superannuation entitlement in jeopardy in the event of an untimely death!
Posted by Cuphandle, Friday, 13 June 2008 4:44:40 PM
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Sorry mate I truly can not, I can tell you its name inferred it was stating your intentions and here I want to underline if you lost the ability to make your own choices or died.
A bit of rubbish surely if your will , a separate document in my case says exactly who gets it.
On this issue my advice, no expert , would be ask your super fund and do it soon.
As a side issue I ask every new member, near beg them in fact ,to update next of kin details on every document, some do not and as a result leave money to long ago no longer liked partners.
Some do not even write a Wil we all die so should do it now
Posted by Belly, Saturday, 14 June 2008 6:16:50 AM
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It's called a non-binding death nomination form and is what it looks like - a form you use to nominate to whom your superannuation should be paid to upon your death. This is because superannuation funds do not have to follow what is in your will with regards to directing who gets your super when you die. The Trustees of the fund can choose who gets the money and will normally choose your next of kin (in most cases your spouse).

Anyway, as is clear, the nomination is NON-BINDING, as in the Trustees of the fund can ignore it anyway - but they probably wouldn't as it does provide you with some nice legal grounds if they distribute the funds different to the instructions.

Hope that helps
Posted by Countryboy, Monday, 16 June 2008 10:02:44 AM
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"Anyway, as is clear, the nomination is NON-BINDING, as in the Trustees of the fund can ignore it anyway - but they probably wouldn't as it does provide *you* with some nice legal grounds if they distribute the funds different to the instructions."

well "you" are dead, so it is left to those "in waiting" for you to die to fight over it

as in Fam Law the lawyers can work out all that for you

the Fee? - as always exactly the amount being fought over
Posted by Divorce Doctor, Monday, 16 June 2008 10:18:01 AM
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